Why I Am Not a Dualist

cI argue that dualism does not help assuage the perceived explanatory failure of physicalism. I begin with the claim that a minimally plausible dualism should only postulate a small stock of fundamental phenomenal properties and fundamental psychophysical laws: it should systematize the teeming mess of phenomenal properties and psychophysical correlations. I then argue that it is dialectically odd to think that empirical investigation could not possibly reveal a physicalist explanation of consciousness, and yet can reveal this small stock of fundamental phenomenal properties and psychophysical laws. I go on to consider a couple of different forms the dualist’s laws could take, and argue that one version makes no progress on the hard problem of consciousness, and the other replaces the hard problem with a different problem that is just as hard.

Flashing lights to deter small stock depredation in communal farmlands of Namibia

Flashing lights can work as an effective visual deterrent to protect livestock in kraals at night against wild carnivores.

Performance of Alternative Estimation Procedures of the Implied Equity Duration in a Small Stock Market

This paper is focused on the measurement of interest rate risk of nonfinancial firms. The measurement is the initial step in the risk management, which, in the context of financial risks, it is expected to lead to better levels of enterprises’ financial sustainability. Concretely, we checked the performance of alternative estimation procedures of the implied equity duration as a measure of the exposure to interest rate risk of firms listed on a small stock market. Previous evidence in the US stock market shows that when the implied equity duration is computed using industry-specific parameters instead of market parameters, significant differences arise in their absolute and relative values and even in their ranking. In this paper, we checked the robustness of these results when we moved to a smaller stock market. To do so, we replicated previous analyses carried out in the Spanish stock market but using alternative estimation procedures. We conclude that significant differences arise in the implied equity duration estimations when we consider industry-specific parameters instead of market parameters. This finding in a small stock market is in line with previous evidence found for the US stock market.

An empirical evaluation of dynamic vs static withdrawal strategies

Purpose The purpose of this paper is to compare simple dynamic withdrawal strategies with the static withdrawal method, examining not only failure rates and ending wealth but also spending. All withdrawal strategies are adjusted for the Internal Revenue Service’s (IRS) required minimum distribution (RMD). In addition, this study investigates the use of small company stocks (SCS) in place of large company stocks (LCS). Results indicate SCS portfolios are superior to large. When returns are poor, some dynamic strategies will not ensure income for life. This study demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies. Design/methodology/approach Using historical overlapping periods, different withdrawal strategies are examined. Previous studies focused on failure rates and ending wealth. As discussed in Milevsky (2016) different statistical distributions can have similar tail properties (prob of failure) but dissimilar risk and return profile. The detailed examination of both spending and use of small stocks advances the literature in this area. Findings Results indicate that use of small stocks is superior to using large stocks in the portfolios. When US historical stock returns are adjusted downward, there is the potential that some dynamic strategies will not ensure income for life. This study demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies. Originality/value This paper is the first to examine, in detail, annual spending results for the retiree. Second, it is shown that, overall, SCS are superior to LCS for all stock/bond allocations. Even though absolute downside risk increases slightly, this increase in downside risk is dominated by the upside potential. In other words, the positive skewness of small stock returns along with the cumulative effects of compounding at a higher rate increases both the available wealth for spending and ending wealth. Third, IRS’s RMDs are taken into account for every withdrawal strategy examined. Lastly, it demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies.

PRODUCTION AND MARKETING CONSTRAINTS OF SMALL STOCK FARMING: EVIDENCE FROM LIMID AND NON-LIMID FARMERS IN BOTETI SUB-DISTRICT, BOTSWANA

The majority of the rural population in Botswana keep small stock as a source of livelihood. However, small stock farmers face many constraints which impede maximization of their production and returns. Yet there is dearth of information on the major challenges they face. This study was intended to give an overview of major production and marketingconstraints faced by small stock farmers; and to identify factors influencing farmers’ participation in the LIMID program in Boteti sub-district, Botswana. Multistage samplingtechnique was used to collect data from 150 respondents selected randomly. Descriptive statistics, factor analysis and probit regression analytical techniques were used in data analysis. Factors that significantly influenced effective participation of small stock producers in the program are positive perception of the program, distance to a LIMID office, distance to a nearby cattle post, and household income. Production constraints included predators, theft, pasture scarcity, natural disasters, water scarcity and lack of transport. Further, marketing constraints were reported to be low prices, delayed payments from the government, poor roads and lack of marketing information. The study provides a basis for policy formulation to improve the effectiveness of smallholder farmers and develop measures required to help them improve their productivity.

Fact, Fiction, and the Size Effect

In the earliest days of empirical work in academic finance, the size effect was the first market anomaly to challenge the standard asset pricing model and prompt debates about market efficiency. The notion that small stocks have higher average returns than large stocks, even after risk adjustment, was a path-breaking discovery, and for decades it has been taken as an unwavering fact of financial markets. In practice, the discovery of the size effect fueled a crowd of small-cap indexes and active funds to the point that the investment landscape is now segmented into large and small stock universes. However, despite its long and illustrious history in academia and its commonplace acceptance in practice, there is still confusion and debate about the size effect. We examine many claims about the size effect and aim to clarify some of the misunderstanding surrounding it by performing simple tests using publicly available data. For one, using 90+ years of U.S. data, there is no evidence of a pure size effect; moreover, it may not have existed in the first place, if not for data errors and insufficient adjustments for risk and liquidity.

TRADING RULES ON A SMALL STOCK MARKET

In this article, the results of an extensive study of the weak form efficiency of the Iceland stock market are presented. This study almost covers the market’s entire history, with the research starting at the beginning of 1993 and ending in July 2017. Four trading rules based on 70-day moving averages were constructed and compared with the passive investment strategy of buying the market index. All of these trading rules provided significantly better returns than the passive strategy, even when considering trading costs. This result indicates that the Icelandic stock market did not show weak form efficiency, and past returns predicted future returns during the period examined.

Do Firm Size Influence Financial Analyst Research Reports and Subsequent Stock Performance

This study investigates whether analysts issue more favorable research reports for small stocks than for large stocks. Small stocks tend not to attract investors due to their size, bad liquidity, easily manipulated price, insufficient information, and high-uncertainty risk. If analysts follow a small stock, it might be because the firm is thought to have good prospects. This study finds that analysts report more positively on small stocks, including in their stock recommendations and earnings growth forecasts. The empirical results show that small stocks perform better in the following year than do other stocks but that this is not the case for operating performance. This finding suggests that analysts are more likely to recommend under-valued stocks, but this may not imply that the operating performance of these stocks will improve the following year.